WNAM REPORT: China’s government work report, unveiled Wednesday at this year’s annual session of the national legislature for deliberation, has garnered widespread attention from home and abroad.
How did the world’s second-largest economy perform in the past year? What are its major development goals and policy directions for 2025? In the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency, guest speakers shared insights on the nation’s commitment to achieving its growth target while advancing high-quality development.
STEADY PROGRESS AMID CHALLENGES
China’s GDP expanded by 5 percent last year to 134.9 trillion yuan (about 18.8 trillion U.S. dollars) and contributed about 30 percent to global economic growth, according to the government work report.
Huang Lianghao, an official with the Research Office of the State Council, described the achievements as “hard-won and extraordinary.”
“China promoted growth within a reasonable range and effectively improved the quality of its economy,” noted Huang, also a member of the drafting group for the government work report, highlighting a 3.4-percent reduction in carbon emissions per GDP unit.
“In 2024, China’s economy demonstrated resilience and the effectiveness of overall reform,” said national lawmaker Yuan Yuyu, chairman of Medprin Regenerative Medical Technologies Co., Ltd., a Guangzhou-based biotech firm.
Last year, the number of newly established business entities in China exceeded 20 million.
“The rapid development of enterprises vividly reflects the advancement of the country’s high-quality development and the steady growth of new quality productive forces,” noted Yuan.
STRATEGIC REFORMS FOR SUSTAINED GROWTH
As 2025 marks the final year of China’s 14th Five-Year Plan (2021-2025), experts believe that the around-5-percent growth target proposed in the government work report balances what is needed and what is possible.
Huang emphasized the target’s alignment with employment stabilization, risk prevention, and the country’s development goals through 2035.
“It not only demonstrates the government’s precise grasp of the general principle of pursuing progress while maintaining stability amid a complex economic environment, but also conveys a profound strategic consideration for medium- and long-term high-quality development,” said national political advisor Jin Li, vice president of Southern University of Science and Technology.
Huang expressed confidence in China’s economic fundamentals despite external pressures, citing positive factors such as burgeoning technological breakthroughs and expanding domestic demand.
Regarding employment, the report sets a goal of creating over 12 million new urban jobs and an around-5.5-percent surveyed urban unemployment rate. Huang underscored reforms in vocational training to address structural labor mismatches, while Jin stressed educational reforms to cultivate talent for emerging industries.
Yuan advocated for deeper industry-academia collaboration: “Universities hold talent resources while enterprises possess application scenarios. Bridging them will accelerate technological breakthroughs.”
PEOPLE-CENTERED POLICY ORIENTATION
More funds and resources will be used to serve the people and meet their needs, according to the government work report. China will raise the minimum basic old-age benefits for rural and non-working urban residents by 20 yuan and ensure an appropriate increase in the basic pension benefits for retirees. It will also continue to deepen the reform of public hospitals to better serve the public interest.
Highlighting healthcare commitments, Yuan said as health has become increasingly significant to the people, companies have the responsibility to provide more innovative products, drugs and medical apparatus and lower the costs to meet the people’s needs.
The government also plans 300 billion yuan in ultra-long special treasury bonds to support consumer goods trade-in programs.
“The concerns of the public are the key issues highlighted in the government work report. It proposes various measures to benefit the people and enhance their well-being,” said Huang.
